HDFC Bank Managing Director and CEO Sashidhar Jagdishan has approached the Supreme Court seeking relief from an FIR lodged by the Lilavati Kirtilal Mehta Medical Trust.
The case alleges bribe-taking in a matter involving ₹2.05 crore and internal control of the Trust. The apex court will hear the matter on July 4, 2025.
The Lilavati Trust, which manages the well-known Lilavati Hospital in Mumbai, filed an FIR accusing Jagdishan of accepting ₹2.05 crore in exchange for favourable financial advice. The Trust claims this advice was aimed at helping the Chetan Mehta Group maintain illegal control over its governance.
The FIR, registered at Bandra police station on a Bandra magistrate’s directive, invokes sections related to cheating and criminal breach of trust, including charges against public servants.
Through his legal counsel, senior advocate Mukul Rohatgi, Jagdishan petitioned the Supreme Court for urgent listing. Rohatgi argued that the FIR was frivolous and was being used to coerce the bank, which is attempting to recover funds from the complainants.
He informed the bench that three Bombay High Court benches had already recused themselves, causing delays. With the next tentative high court hearing scheduled for July 14, Rohatgi stressed the urgency, asserting continual harm to the bank due to the pending case.
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The Lilavati Trust has publicly alleged that the ₹2.05 crore payment forms part of a broader conspiracy to compromise the non-profit institution’s internal governance. The Trust has also sought a CBI probe into the matter and filed a separate petition at the Bombay High Court. In a public statement, it described the case as an attempt to “loot” the Trust under the guise of professional financial advice.
This development places HDFC Bank and its leadership under public scrutiny. As the country’s leading private sector bank, the attention surrounding this case not only affects Jagdishan’s personal standing but also raises concerns around the corporate governance environment. Legal clarity from the Supreme Court could play a pivotal role in determining how this narrative unfolds for the institution and its shareholders.
On July 3, 2025, HDFC Bank share price opened at ₹1,994.90 on NSE, above the previous close of ₹1,986.00. During the day, it surged to ₹2,008.00 and dipped to ₹1,986.10. The stock is trading at ₹1,988.10 as of 2:59 PM. The stock registered a marginal change of 0.11%.
Over the past week, it has declined by 1.33%, over the past month, it has moved up by 3.10%, and over the past 3 months, it has moved up by 11.99%.
HDFC Bank's CEO now awaits a key Supreme Court hearing scheduled for July 4, 2025, in an attempt to quash what he claims is a baseless FIR. The complaint by the Lilavati Trust implicating him in a ₹2.05 crore bribe has initiated a legal struggle that could have wider implications for both corporate governance and legal due process in high-profile matters.
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Published on: Jul 3, 2025, 4:24 PM IST
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